China’s fiscal system grows after six decades of reforms

JIA Kang, LIU Wei , ZHANG Peng  and CHENG Yu

 
Abstract:

Government finance is the mother of a democratic government. After 60 years of developing, China’s government finance is not only closely aligned with state power, social democracy and economic modernization, but also promotes integration among the three areas. The 60 years’ development of government finance can be divided into three stages: the planned economy period, the market economy transition period and socialist public finance. Meanwhile, it covers five major areas, including the building of financial institutions, a tax system, financial management, a financial macro-control system and the development of relations between the government and enterprises. Through 60 years’ experience under the guidance of a scientific concept of development and the support of modern financial theory, a socialist public finance system with Chinese characteristics has been initially established, and a typical Chinese experience has been formed, providing the theoretical basis to promote China’s continuous financial development.

Key Words: 60 years of China’s financial reform, public finance

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